Morning Minute: Coinbase Withdraws Support of Clarity Act, Markup Delayed
Coinbase has withdrawn its support for the Senate’s crypto market structure bill, known as the Clarity Act, just before a key vote. CEO Brian Armstrong stated that the updated bill would leave the crypto industry in a worse position than the current regulatory status, despite appreciating the bipartisan efforts behind the legislation. Armstrong outlined several core objections but did not specify all details publicly. Following Coinbase’s decision, the Senate Banking Committee delayed the planned vote. The move highlights Coinbase’s influence in the industry and raises uncertainty about the future of the bill, which was previously seen as a potential solution to regulatory ambiguity in crypto. Armstrong remains optimistic about achieving a better legislative outcome with further effort. The bill’s prospects remain in doubt as political deadlines, such as the approaching midterm elections, loom.
